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DEBT (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt |
Summary of outstanding debt by category
(in millions) | Maturity Dates | Interest Rate(s) Per Annum at March 31, 2025 | March 31, 2025 | December 31, 2024
Unsecured Payroll Support Program Loans(1) | 2030 | to | 2031 | 1.00% | $ | 3,496 |  | $ | 3,496 |
Unsecured notes | 2026 | to | 2029 | 3.75% | to | 7.38% | 1,575 |  | 1,575 |
Financing arrangements secured by SkyMiles assets: |  |  |  |  |  |  |  |
SkyMiles Notes(2) | 2025 | to | 2028 | 4.50% | and | 4.75% | 3,833 |  | 3,970 |
SkyMiles Term Loan(2)(3) | 2025 | to | 2027 | 8.04% | 719 |  | 784 |
NYTDC Special Facilities Revenue Bonds(2) | 2026 | to | 2045 | 4.00% | to | 6.00% | 3,522 |  | 3,591 |
Financing arrangements secured by aircraft: |  |  |  |
Certificates(2) | 2025 | to | 2028 | 2.00% | to | 8.00% | 984 |  | 992 |
Notes(2)(3) | 2025 | to | 2033 | 6.55% | to | 6.61% | 85 |  | 87 |
Financing arrangements secured by slots, gates and/or routes: |  |  |  |  |  |  |  |
Senior Secured Notes | 2025 | 7.00% | 812 |  | 812 |
Other financings | 2030 | 5.00% | 66 |  | 66 |
Corporate Revolving Credit Facility(3) | 2026 | to | 2028 | Undrawn | — |  | — |
Other revolving credit facilities(3) | 2025 | to | 2026 | Undrawn | — |  | — |
Total secured and unsecured debt |  |  |  |  |  |  | $ | 15,092 |  | $ | 15,373 |
Unamortized (discount)/premium and debt issue cost, net and other |  |  |  | (16) |  | (26) |
Total debt |  |  |  |  |  |  | $ | 15,076 |  | $ | 15,347 |
Less: current maturities |  |  |  |  |  |  | (2,644) |  | (1,801) |
Total long-term debt |  |  |  |  |  |  | $ | 12,432 |  | $ | 13,546 |
(1)Interest rates on the Payroll Support Program loans are 1.00% for the first five years and the applicable SOFR plus 2.00% in the final five years. The applicable interest rates will begin to adjust for each loan in April 2025, January 2026 and April 2026. (2)Due in installments during the years shown above. (3)Certain financings are comprised of variable rate debt. All variable rates are equal to SOFR (generally subject to a floor) or another index rate, plus a specified margin.
Schedule of Estimated Fair Value of Debt Instruments | The fair value of debt shown below is principally based on reported market values, recently completed market transactions and estimates based on interest rates, maturities, credit risk and underlying collateral. Debt is primarily classified as Level 1 or 2 within the fair value hierarchy.
Fair value of outstanding debt
(in millions) | March 31, 2025 | December 31, 2024
Net carrying amount | $ | 15,076 |  | $ | 15,347 |
Fair value | $ | 15,100 |  | $ | 15,300 |

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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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